Thursday, June 14, 2012

Tomorrow (June 15), is World Elder Abuse Awareness Day. Unfortunately, recent studies suggest that seniors lose billions each year due to financial abuse.

The Washington State Department of Financial Institutions (DFI) is committed to protecting seniors from financial abuse through both financial education and enforcement.

To help protect seniors, here are some steps we came up with that seniors can take to protect themselves from investment fraud.

Protect yourself from investment fraud

Ask questions and verify licensesIf you’re being solicited to buy an investment, ask questions about the investment. Scam artists tend to get antsy when they are being asked questions.

Questions to ask:1) Are you and your firm registered with DFI?2) Are you and your firm registered with the SEC and FINRA?3) Is this investment registered with the SEC or my DFI?

Verify the answer to these questions by contacting the Washington State Department of Financial Institutions (DFI) at 1.877.RING DFI (746-4334).

Talk to someone before investingBe extremely skeptical if the person promoting the deal says, “Don’t tell anyone else about this special deal!” A legitimate investment professional won’t ask you to keep secrets. Before handing over your money, talk to someone you trust or a certified/licensed financial professional.

Take your name off solicitation listsTired of receiving solicitations? Take your name off of telemarketing and junk mail lists